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Zip Code 34737: Rising Home Values and Ownership Rates in Groveland, Florida
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 34737, located in Groveland, Florida, has shown remarkable changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has experienced significant growth and fluctuations in its real estate market, reflecting broader economic trends and local development patterns.
The homeownership rate in zip code 34737 has remained consistently high, ranging from 87% to 92% between 2013 and 2022. This strong preference for homeownership coincides with a substantial increase in average home prices. In 2010, the average home price was $211,116, which then dropped to $183,682 in 2012 during the aftermath of the housing crisis. However, from 2013 onwards, there has been a steady upward trend. By 2022, the average home price had risen dramatically to $408,911, representing a 93.6% increase from its 2012 low.
The relationship between federal interest rates and homeownership rates in this zip code appears to be less pronounced than in many other areas. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable, only fluctuating between 87% and 92%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership decisions in this area.
Renter percentages in zip code 34737 have remained relatively low, ranging from 8% to 13% between 2013 and 2022. Despite this small renter population, average rent prices have shown some volatility. In 2013, the average rent was $1,388, which increased to $1,413 in 2015. There was a slight dip to $1,313 in 2018, followed by an increase to $1,407 in 2021. Interestingly, the average rent decreased slightly to $1,350 in 2022, despite a growing population, which increased from 3,180 in 2013 to 4,326 in 2022.
In 2023 and 2024, average home prices in zip code 34737 continued to rise, albeit at a slower pace. The average home price reached $420,714 in 2023 and $424,291 in 2024. This represents a modest 2.9% increase from 2022 to 2023, and only a 0.8% increase from 2023 to 2024. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowdown in home price growth.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in zip code 34737. Average home prices are likely to continue increasing, but at a more moderate pace due to higher interest rates. We might expect average home prices to reach around $475,000 to $500,000 by 2029. Average rent prices, which have shown more stability, are likely to increase gradually, potentially reaching $1,500 to $1,600 per month by 2029.
In summary, zip code 34737 has maintained a high homeownership rate despite significant increases in average home prices. The area has shown resilience in its real estate market, with home prices recovering strongly from the 2012 low. While rent prices have fluctuated, they have remained relatively stable compared to the dramatic rise in home values. The recent slowdown in home price growth, coupled with rising interest rates, suggests a potential shift towards a more balanced market in the coming years.
